The Saudis Arabia has tripled its taxes from 5% to 15% on the back of this Coronavirus. This is a country now suffering from the collapse in oil demand and prices.
Federal Finance Minister Olaf Scholz of the Socialists in Germany (SPD) is already advocating “solidarity” to convince the rich to turnover their assets to the country. He argues that citizens who “earn very, very much should make a slightly higher contribution.” Behind closed doors, he wants to raise income taxes in Germany to 70%!
Believe it or not, some states impose what are known as inventory taxes regardless of whether a business makes a profit at all. In this coronavirus world, these states have shut down the economy, but businesses are taxed on having inventory which in this environment they were prohibited to sell. This will simply add to the burden of small businesses struggling to stay afloat thanks to these political decisions to close the economy.
We are looking at a wholesale rise in taxation with no regard for the economic consequences on a global scale. This is the socialist’s dream come true!